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Roc, Anzon merger approved

ROC Oil is set to take control of Anzon Australia after shareholders from Anzon Energy, Anzon Australia's UK-based parent, overwhelmingly approved the merger through a scheme of arrangement.

Roc, Anzon merger approved

The scheme, which is now subject to approval from the Federal Court of Australia, will give Roc a 53.1% controlling interest in Anzon Australia and will allow it to proceed with the rest of the takeover.

The scheme is expected to be implemented on September 22.

Roc acting chief executive Bruce Clement told PetroleumNews.net at the sidelines of the Good Oil Conference yesterday that while Anzon Australia's second-largest shareholder, Nexus Energy, had indicated it was interested in unwinding its cross shareholding, no agreements had been made yet.

Nexus holds a 19.4% stake in Anzon Australia while Anzon holds a 10% stake in Nexus.

"We don't want a minority shareholding and don't want Anzon to have one in us," Nexus chief executive officer Ian Tchacos had told the AAP on Tuesday.

Clement also told PNN that he was not privy to the recommendation that Anzon Australia's independent director's would make on Roc's offer on September 8.

However, Clement pointed out that not only had Anzon Energy voted 99.92% in favour of the merger, Anzon had also seen some downgrade in their 2P reserves since the beginning of the bid.

The takeover offer is scheduled to close on October 6, unless extended.

Clement said in a statement the merger has the potential to transform Roc by creating a significant Australian upstream oil and gas company with a strong diversified asset base, 2P reserves of 47 million barrels of oil equivalent and increased financial capacity.

The merger would also expose the company to significant upside reserves potential from the development of Basker-Manta-Gummy project in Bass Strait over the next 18 months.

He added the company encourages Anzon Australia shareholders to accept the takeover offer as soon as possible.